• WTI oil futures gain positive momentum above short-term SMAs.
• Next challenge could occur within the $71.90-$72.50 area.

WTI oil futures are poised for a bullish start to the new year, having cemented the base around the $66.70 level, which successfully halted selling pressure for the fourth time in December. More recently, prices have climbed above both the 20-day and 50-day simple moving averages (SMAs), reinforcing the possibility that the recent rebound could gather further momentum.

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The rising RSI and MACD endorse the positive scenario, but traders are unlikely to push the price higher unless they see a solid close above the nearby resistance of $71.90-$72.50. This level coincides with the 38.2% Fibonacci retracement of the July-September decline and the descending trendline from June. A breakout higher could initially pause near the 50% Fibonacci of $74.10 and then move toward the 200-day SMA and the long-term trendline from September 2023 both seen within the $75.20-$76.40 region. Beyond that, the next key level is October’s high of $77.68.

Should the bears pop up near the $72.00 number, the price may again seek shelter within the $69.00-$70.00 area. If selling interest persists, the spotlight will turn to the critical $66.70-$67.40 region, a break of which could cause an aggressive decline toward the 2024 low of $64.60 and the $64.00 level.

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Summing up, WTI oil futures are poised for a new bullish cycle, with the confirmational signal likely coming above $71.90-$72.50.